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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
Temporary Investments

Temporary investments with an original maturity of three months or less and money market funds with greater than three-month maturities but with the right to redeem without notice are treated as cash equivalents and are stated at cost. Temporary investments totaled $52 million and $104 million at September 30, 2025 and December 31, 2024, respectively.

Accounts and Notes Receivable

Accounts and notes receivable, net, by classification were:

In millions
September 30, 2025December 31, 2024
Accounts and notes receivable:
Trade
$369 $402 
Notes and other
24 27 
Total
$393 $429 

The allowance for expected credit losses was $25 million and $21 million at September 30, 2025 and December 31, 2024, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

Inventories

In millions
September 30, 2025December 31, 2024
Raw materials
$71 $56 
Finished paper and pulp products
233 178 
Operating supplies
121 107 
Other
9 20 
Total
$434 $361 

Plants, Properties and Equipment, Net

Accumulated depreciation was $3.9 billion and $3.6 billion at September 30, 2025 and December 31, 2024, respectively. Depreciation expense was $37 million and $33 million for the three months and $103 million and $97 million for the nine months ended September 30, 2025 and 2024, respectively.

Additions to plants, property and equipment included within accounts payable were $16 million and $12 million at September 30, 2025 and December 31, 2024, respectively.

Forestlands

There were no additions to Forestlands included within accounts payable at September 30, 2025. Additions to Forestlands included within accounts payable were $10 million at December 31, 2024.
Interest

Interest payments of $37 million and $49 million were made during the nine months ended September 30, 2025 and 2024, respectively.

Amounts related to interest were as follows:

Three Months Ended September 30,Nine Months Ended September 30,
In millions
2025202420252024
Interest expense (a)
$12 $19 $36 $46 
Interest income
(2)(4)(5)(11)
Capitalized interest costs
(1)(1)(3)(3)
Total
$9 $14 $28 $32 

(a) Interest expense for the three months and nine months ended September 30, 2024 includes $5 million of debt extinguishment cost related to the third quarter debt refinancing.

Asset Retirement Obligations

As of September 30, 2025 and December 31, 2024, we have recorded liabilities of $29 million and $28 million, respectively, related to asset retirement obligations. These amounts are included in “Other liabilities.” For asset retirement obligations which are conditional upon future events, we cannot reasonably estimate the current fair value of those potential obligations due to the uncertainty as to the timing or amounts that may be incurred.